FRISCO — Wade Crossing Apartments, a 336-unit multifamily community at 9399 Wade Blvd. in Frisco, has received $17.9 million in first mortgage financing from NorthMarq Capital. NorthMarq’s Greg Duvall arranged the financing based on a 7-year term and a 30-year amortization schedule with NorthMarq’s seller-service relationship with Freddie Mac.
SEATTLE — Marcus & Millichap Real Estate Investment Services has sold the Roberta and Carol Apartments, a 30-unit complex located in Seattle, for $3,590,000. Both the buyer, a limited liability company, and the seller, a private investor, were represented by Marc Cunningham, an investment specialist in Marcus & Millichap’s Seattle office.
KOKOMO, ROCHESTER AND ANDERSON, IND. — St. Paul, Minn.-based Oak Grove Capital has arranged $18.3 million in acquisition financing through its Fannie Mae DUS program on behalf of Capital Senior Living Corp. The 10-year loans have a 30-year amortization schedule and were used to purchase the 78-unit Green Tree of Kokomo in Kokomo and the 50-unit Wynnfield Crossing in Rochester. A loan on the 58-unit Keystone Woods in Anderson is expected to close mid-September.
MIAMI — CB Richard Ellis has arranged the $2.7 million sale of a 28-unit apartment complex, located at 1818 Meridian Ave. in Miami. Calum Weaver of the firm's Miami office represented the undisclosed seller. Domus Group was the buyer.
CRAWFORDVILLE, FLA. — Franklin Street Real Estate Services has arranged the $2.38 million, REO sale of the 96-unit Bridlewood Apartments, located at 33 Home Stretch Ln. in Crawfordville. Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street's Tampa, Fla., office represented the undisclosed seller. Steve Sussman of Marcus & Millichap's Miami office represented the buyer, a New York-based investor.
LITHIA SPRINGS, GA. — Bruce Foster of NorthMarq Capital's Atlanta office has arranged $14.5 million in first mortgage financing for the 308-unit Tree Lodge Apartments, located at 1600 Blairs Bridge Rd. in Lithia Springs. The 10-year loan has a 30-year amortization schedule and was arranged for the borrower, Strand Communities, through MetLIfe.
FORT WORTH — NorthMarq Capital has arranged $37.17 million in first mortgage financing for Broadstone Centreport, a 452-unit multifamily property at 14301 Centre Station Dr. in Fort Worth. Greg Duvall from Northmarq's Kansas City office arranged the financing on a 7-year term with a 30-year amortization schedule through NorthMarq's seller-servicer relationship with Freddie Mac.
SCOTTSDALE, ARIZ. – HCW LLC has purchased a nine-acre parcel at DC Ranch in Scottsdale, which is located at Legacy Boulevard and Pima Road. The property will be developed into an apartment community. It was sold for an undisclosed amount by Enterprise Bank.
RALEIGH, N.C. — Drucker & Falk has brokered the $19.62 million sale of the 518-unit University Suites, a student housing property serving North Carolina State University in Raleigh. David Hudgins, Alan Meetze and Branham Stovall of Drucker & Falk's Newport News, Va., office represented University Suites at Raleigh, the seller. The buyer was OCG Raleigh.
NORFOLK, VA. — Virginia Beach, Va.-based Marlyn Development has started construction on the 248-unit Heritage Forest Apartments, located off Marshall Avenue in Norfolk. Phase I of the property, consisting of 144 units, is scheduled for completion in August 2012 with Phase II to follow with an additional 104 units, to be completed in the spring of 2013. S.L. Nusbaum Realty Co.'s Multifamily Development Team is developing the property. Wells Fargo and HUD are providing construction financing with land acquisition financing by TowneBank.
